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Azerbaijan Has Strong External Economic Position

Azerbaijan's external position remained strong, supported by the sound reserve standing and low level of public debt that significantly mitigated the risks of the volatility of oil prices in 2013, according to the EU report on Azerbaijan's progress within the European Neighborhood Policy.

"However, the non-oil current account deficit of 17.4 percent of GDP remained large, due to government-related non-oil imports and gas-related Foreign Direct Investment," the report read. "Azerbaijan continues to rely on hydrocarbon sales to finance state expenditure, as transfers from the State Oil Fund of Azerbaijan (SOFAZ) accounted for 58.43 percent of total revenue in 2013, leading to a budget surplus of 0.47 percent of GDP."

Source: Trend.Az

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